Exelixis, Inc. (NASDAQ:EXEL) Sees Significant Decrease in Short Interest

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Exelixis, Inc. (NASDAQ:EXEL) was the target of a large drop in short interest during the month of November. As of November 15th, there was short interest totalling 15,690,000 shares, a drop of 5.0% from the October 31st total of 16,520,000 shares. Based on an average daily volume of 2,790,000 shares, the short-interest ratio is currently 5.6 days. Approximately 5.3% of the shares of the company are short sold.

Shares of Exelixis stock opened at $16.70 on Tuesday. The business’s fifty day moving average price is $16.45 and its two-hundred day moving average price is $19.12. The company has a debt-to-equity ratio of 0.01, a current ratio of 6.89 and a quick ratio of 6.80. The company has a market capitalization of $5.05 billion, a P/E ratio of 11.68, a PEG ratio of 2.19 and a beta of 1.78. Exelixis has a 1-year low of $15.02 and a 1-year high of $25.31.

Exelixis (NASDAQ:EXEL) last announced its earnings results on Wednesday, October 30th. The biotechnology company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.12. The firm had revenue of $271.70 million for the quarter, compared to the consensus estimate of $228.17 million. Exelixis had a return on equity of 25.55% and a net margin of 64.05%. The firm’s revenue for the quarter was up 20.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.44 EPS. On average, research analysts expect that Exelixis will post 0.97 earnings per share for the current fiscal year.

In related news, CEO Michael Morrissey sold 26,364 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $17.66, for a total value of $465,588.24. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CMO Gisela Schwab sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $17.87, for a total value of $536,100.00. The disclosure for this sale can be found here. In the last three months, insiders sold 144,894 shares of company stock worth $2,539,716. Company insiders own 4.50% of the company’s stock.

A number of institutional investors have recently made changes to their positions in EXEL. Amundi Pioneer Asset Management Inc. raised its stake in Exelixis by 182.1% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 176,193 shares of the biotechnology company’s stock valued at $4,193,000 after acquiring an additional 113,733 shares in the last quarter. Cornerstone Advisors Inc. raised its stake in Exelixis by 28.4% during the 2nd quarter. Cornerstone Advisors Inc. now owns 3,099 shares of the biotechnology company’s stock valued at $66,000 after acquiring an additional 686 shares in the last quarter. New York State Teachers Retirement System raised its stake in Exelixis by 1.2% during the 2nd quarter. New York State Teachers Retirement System now owns 299,389 shares of the biotechnology company’s stock valued at $6,398,000 after acquiring an additional 3,600 shares in the last quarter. Bessemer Group Inc. bought a new stake in Exelixis during the 2nd quarter valued at $28,000. Finally, Arden Trust Co bought a new stake in Exelixis during the 2nd quarter valued at $314,000. 77.03% of the stock is currently owned by hedge funds and other institutional investors.

Several brokerages recently issued reports on EXEL. Bank of America began coverage on Exelixis in a report on Wednesday, November 13th. They issued a “buy” rating and a $22.00 price target on the stock. Zacks Investment Research downgraded Exelixis from a “hold” rating to a “sell” rating and set a $19.00 price target on the stock. in a report on Thursday, October 3rd. TheStreet downgraded Exelixis from a “b-” rating to a “c” rating in a report on Friday, November 22nd. ValuEngine raised Exelixis from a “strong sell” rating to a “sell” rating in a report on Monday, November 4th. Finally, Piper Jaffray Companies cut their price target on Exelixis from $45.00 to $35.00 in a report on Thursday, October 31st. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $25.11.

Exelixis Company Profile

Exelixis, Inc, an oncology-focused biotechnology company, focuses on the discovery, development, and commercialization of new medicines to treat cancers in the United States. The company's products include CABOMETYX tablets for the treatment of patients with advanced renal cell carcinoma who received prior anti-angiogenic therapy; and COMETRIQ capsules for the treatment of patients with progressive and metastatic medullary thyroid cancer.

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